Idle Jr (who I hope doesn't see this) has just begun his first full time job after college.
He wont be paid a fortune, but it'll be more money than he's ever seen in his life. We intend to let him keep the whole of his first pay packet, but it's time (at 19 and a half) that he made a contribution to his keep.
It's not something I've thought about previously, having assumed he'd spend the rest of his life having lie-ins and smoking dope, but does anybody have a guide for what is a fair contribution to the vast quantities of food that he inhales every time the fridge door is opened?
All contributions gratefully received.
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You could always stick it in an account and give it to him later when he buys somewhere or 'settles down' in some other way.
You've then got the double bonus of having taught him the value of money and the need to contribute and helped him to save a deposit too.
This will be a great surprise for him in a few years time and I'm sure he'll be eternally grateful.
Thanks both.
Personally I think it's important to get used to allocating some of your wages for non spending things. As soon as I started work I also took out a 10yr endowment which ended up earring f all, but got me into the mindset of saving and being disciplined with my earnings.
It'll be for his own good in the long run.
I also think learning responsibility beyond just finances is important. I spent a couple months with my parents in between moves while my dog Cass was recovering from heart trouble. Just doing the shopping, laundry, washing up, can make a big difference. For us, the fact that I can help watch my parents' dog, who is a rescue and has a lot of issues with barking, really helped. I think things like asking him to cook (for himself to start, maybe, don't want anyone getting food poisoning), do the shopping, do his laundry, all that.
At the end of the day, a lot of it depends on your son, and how mature he is. I moved out to go to uni at 18, have lived all over, and have only come back on rare occasions, but I know that when I'm home I want to help contribute so that 1) I don't get lazy, and 2) it just helps the living situation regardless.
when I started work in 1983 & earnt around £4k pa (I remember my first monthly pay was £280) and my parents starting taking £100 pm from me - this increased to £125 a year or so later & by the time I left home in 88 I was paying £150 pm.
I think the idea of you giving him some back years down the line is an excellent one - as a financial advisor I have often citef this to my clients, even if they didn't need the money themselves I said it would be a good way of him to start learning to budget & to value money
He's just got a job (to your surprise it seems) so why not let him enjoy the fruits of his Labour for a bit and realise the value of hard work. The reality check can come after.
My stepdad initially made me pay £433 per month which at the time was over 50% of my wages. After a few months it went down to £300 a month which was about 35% of my wages.
All in all, due to the large cut taken out of my salary, I wasn't able to save for a deposit until I got a pay rise a couple of years later.
It isn't meant to be a sob story but more of a case of the first two replies to this thread are great and if that had been set up for me, I would have been on my own 2 feet again much quicker. It is right to charge for housekeeping but as long as it is reasonable compared to their take home pay.
Now I live in the real world I realise how lucky I was .
I know more and more parent @IdleHans are taking money off their kids but secretly putting half away for them to help when they decide to move out.
There is some good advice on here. It's so much harder nowadays - so the idea of taking money off of him and giving it back as a deposit is a great one.